Population Aging and Insurance Demand: An Empirical Analysis of Chinese Cities
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Population Aging and Insurance Demand: An Empirical Analysis of Chinese Cities

Xintong Wang 1*
1 China Agricultural University
*Corresponding author: nicolewxt20050422@163.com
Published on 22 October 2025
Journal Cover
AEMPS Vol.232
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-471-7
ISBN (Online): 978-1-80590-472-4
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Abstract

As China enters an advanced stage of population aging, changes in demographic structure present new challenges and opportunities for the insurance industry. Building on a systematic review of literature concerning insurers’ participation in the eldercare industry, this paper uses city-level panel data to empirically test the effect of the degree of aging on insurance expenditures. The results indicate that population aging significantly drives growth in insurance demand, with a particularly pronounced effect on personal insurance products, while property insurance is relatively less affected. This finding suggests that insurers need to place greater emphasis on the development and innovation of eldercare-related products when responding to population aging. At the same time, diversified investment and service models—such as eldercare real estate and community- and home-based care—offer new avenues for insurer development. This study not only enriches the empirical evidence in the field of eldercare finance but also provides a reference for insurers’ strategic planning and policy formulation in the context of population aging.

Keywords:

Population aging, Insurance expenditures, Eldercare finance, Eldercare industry

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Wang,X. (2025). Population Aging and Insurance Demand: An Empirical Analysis of Chinese Cities. Advances in Economics, Management and Political Sciences,232,8-14.

References

[1]. Zhou, F. (2018). Research on the participation of commercial pension insurance in the construction of the pension security system under the background of aging. Modern Business, (29), 156–157. https: //doi.org/10.14097/j.cnki.5392/2018.29.086

[2]. Zhang, Y. (2024). Strategies for the development of pension finance by insurance companies. Metallurgical Finance and Accounting, 43(4), 64–66.

[3]. Li, H., & Zhong, H. (2012). An analysis of insurance funds’ investment in the pension industry in China. Cooperative Economy and Science & Technology, (11), 65–66. https: //doi.org/10.13665/j.cnki.hzjjykj.2012.11.064

[4]. Suo, L. (2024). Writing the big article of pension finance with professional value. China Finance, (09), 36–37.

[5]. Qiu, X., Li, H., Xu, Z., & Li, K. (2025). Opportunities and challenges for high-quality development of pension finance in the era of negative population growth. Insurance Theory and Practice, (01), 54–84.

[6]. Jiang, S., & Li, J. (2018). Research on the development of commercial insurance participation in pension services. Modern Business Trade Industry, 39(12), 142–143. https: //doi.org/10.19311/j.cnki.1672-3198.2018.12.063

[7]. Lou, X., Li, L., & Zhang, D. (2024). An analysis of the role of insurance companies in pension finance. Business 2.0, (10), 117–119.

[8]. Chen, J. (2021). Problems and development suggestions of insurance participation in pension services in China. Insurance Theory and Practice, (10), 40–54.

[9]. Ma, Z. (2022). Progress, problems, and development suggestions of commercial insurance participation in the three-pillar pension system under the background of population aging. Southwest Finance, (02), 79–88.

[10]. Li, S. (2016). Research on the integrated development path of commercial insurance and the pension service industry. Times Finance, (21), 290–291.

[11]. Gao, K. (2024). Business model canvas design for commercial pension insurance. Hebei Finance, (03), 24–33. https: //doi.org/10.14049/j.cnki.hbjr.2024.03.006

[12]. Huang, S. (2018). Analysis on the prospects and practices of Chinese commercial life insurance companies entering the pension industry. Journal of Insurance Vocational College, 32(3), 46–49.

[13]. Hu, R. (2023). An exploration of the participation models of small and medium-sized insurance companies in the pension industry. China Insurance, (06), 49–52.

[14]. Taiping Pension Investment Management Co. Research Group, & Wei, L. (2021). The intrinsic logic, business models, and profit models of “insurance products + pension services.” Insurance Theory and Practice, (06), 99–121.

[15]. Zheng, W., & Liu, X. (2019). Current situation analysis and optimization suggestions on the layout of insurance companies in the pension industry in China. Southern Finance, (03), 72–79.

[16]. Huang, S. (2018). Analysis on the prospects and practices of Chinese commercial life insurance companies entering the pension industry. Journal of Insurance Vocational College, 32(3), 46–49.

[17]. Dong, J. (2021). Participation of commercial pension insurance in the development of the pension industry in China: Value, path, and reconsideration. Journal of Southwest Minzu University (Humanities and Social Sciences Edition), 42(10), 144–151.

[18]. Zhong, W. (2017). SWOT analysis of Chinese insurance companies investing in pension real estate. Journal of Insurance Vocational College, 31(4), 50–53.

[19]. Shi, X., Wang, B., & Huang, X. (2021). Current situation and policy suggestions on Chinese insurance companies’ investment in pension real estate. Northern Economy and Trade, (05), 117–119.

[20]. Dai, J. (2020). Research on the business model of insurance pension communities from the perspective of meta-model. Lanzhou Academic Journal, (05), 196–208.

[21]. Li, C. (2020). Analysis of optimization strategies for insurance fund investment in pension real estate. Taxation, 14(1), 177–179.

[22]. Li, Z., & Zhong, W. (2017). A study on the paths of insurance fund investment in pension real estate in China. Journal of Shanghai Economic Management College, 15(6), 58–63.

[23]. Zhang, Y. (2022). Strategies for insurance fund investment in pension real estate. China Industry and Economy, (16), 61–63.

[24]. Wang, Z. (2019). Research on the development paths and strategies of pension real estate in China. Management Observation, (33), 82–83.

References

[1]. Zhou, F. (2018). Research on the participation of commercial pension insurance in the construction of the pension security system under the background of aging. Modern Business, (29), 156–157. https: //doi.org/10.14097/j.cnki.5392/2018.29.086

[2]. Zhang, Y. (2024). Strategies for the development of pension finance by insurance companies. Metallurgical Finance and Accounting, 43(4), 64–66.

[3]. Li, H., & Zhong, H. (2012). An analysis of insurance funds’ investment in the pension industry in China. Cooperative Economy and Science & Technology, (11), 65–66. https: //doi.org/10.13665/j.cnki.hzjjykj.2012.11.064

[4]. Suo, L. (2024). Writing the big article of pension finance with professional value. China Finance, (09), 36–37.

[5]. Qiu, X., Li, H., Xu, Z., & Li, K. (2025). Opportunities and challenges for high-quality development of pension finance in the era of negative population growth. Insurance Theory and Practice, (01), 54–84.

[6]. Jiang, S., & Li, J. (2018). Research on the development of commercial insurance participation in pension services. Modern Business Trade Industry, 39(12), 142–143. https: //doi.org/10.19311/j.cnki.1672-3198.2018.12.063

[7]. Lou, X., Li, L., & Zhang, D. (2024). An analysis of the role of insurance companies in pension finance. Business 2.0, (10), 117–119.

[8]. Chen, J. (2021). Problems and development suggestions of insurance participation in pension services in China. Insurance Theory and Practice, (10), 40–54.

[9]. Ma, Z. (2022). Progress, problems, and development suggestions of commercial insurance participation in the three-pillar pension system under the background of population aging. Southwest Finance, (02), 79–88.

[10]. Li, S. (2016). Research on the integrated development path of commercial insurance and the pension service industry. Times Finance, (21), 290–291.

[11]. Gao, K. (2024). Business model canvas design for commercial pension insurance. Hebei Finance, (03), 24–33. https: //doi.org/10.14049/j.cnki.hbjr.2024.03.006

[12]. Huang, S. (2018). Analysis on the prospects and practices of Chinese commercial life insurance companies entering the pension industry. Journal of Insurance Vocational College, 32(3), 46–49.

[13]. Hu, R. (2023). An exploration of the participation models of small and medium-sized insurance companies in the pension industry. China Insurance, (06), 49–52.

[14]. Taiping Pension Investment Management Co. Research Group, & Wei, L. (2021). The intrinsic logic, business models, and profit models of “insurance products + pension services.” Insurance Theory and Practice, (06), 99–121.

[15]. Zheng, W., & Liu, X. (2019). Current situation analysis and optimization suggestions on the layout of insurance companies in the pension industry in China. Southern Finance, (03), 72–79.

[16]. Huang, S. (2018). Analysis on the prospects and practices of Chinese commercial life insurance companies entering the pension industry. Journal of Insurance Vocational College, 32(3), 46–49.

[17]. Dong, J. (2021). Participation of commercial pension insurance in the development of the pension industry in China: Value, path, and reconsideration. Journal of Southwest Minzu University (Humanities and Social Sciences Edition), 42(10), 144–151.

[18]. Zhong, W. (2017). SWOT analysis of Chinese insurance companies investing in pension real estate. Journal of Insurance Vocational College, 31(4), 50–53.

[19]. Shi, X., Wang, B., & Huang, X. (2021). Current situation and policy suggestions on Chinese insurance companies’ investment in pension real estate. Northern Economy and Trade, (05), 117–119.

[20]. Dai, J. (2020). Research on the business model of insurance pension communities from the perspective of meta-model. Lanzhou Academic Journal, (05), 196–208.

[21]. Li, C. (2020). Analysis of optimization strategies for insurance fund investment in pension real estate. Taxation, 14(1), 177–179.

[22]. Li, Z., & Zhong, W. (2017). A study on the paths of insurance fund investment in pension real estate in China. Journal of Shanghai Economic Management College, 15(6), 58–63.

[23]. Zhang, Y. (2022). Strategies for insurance fund investment in pension real estate. China Industry and Economy, (16), 61–63.

[24]. Wang, Z. (2019). Research on the development paths and strategies of pension real estate in China. Management Observation, (33), 82–83.

Cite this article

Wang,X. (2025). Population Aging and Insurance Demand: An Empirical Analysis of Chinese Cities. Advances in Economics, Management and Political Sciences,232,8-14.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of ICFTBA 2025 Symposium: Financial Framework's Role in Economics and Management of Human-Centered Development

ISBN: 978-1-80590-471-7(Print) / 978-1-80590-472-4(Online)
Editor: Lukáš Vartiak, Habil. Florian Marcel Nuţă
Conference website: https://2025.icftba.org/Galati.html
Conference date: 17 October 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.232
ISSN: 2754-1169(Print) / 2754-1177(Online)

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